SYDNEY: Australia's jobless rate jumped 0.2 percentage points to 5.6 percent in March with 36,100 fewer people employed, following a sharp rise in positions created the previous month.
The Australian Bureau of Statistics said the unemployment rate was up from 5.4 percent, defying analysts, who had broadly tipped the rate to remain steady.
The number of jobs lost, seasonally adjusted, was nearly half the upwardly revised 74,000 gained in February, a result that was a near 13-year high and smashed forecasts.
The Australian dollar dropped on the data to US$1.0517 from US$1.0537 on expectations that the central bank is more likely to ease interest rates if the labour market weakens.
The Reserve Bank of Australia last week kept interest rates on hold at 3.0 percent, saying global downside risks appeared to have eased but domestic pressures were lingering.
Both part-time and full-time employment fell in March with the participation rate -- the proportion of people in work or looking for work -- at 65.1 percent, down from 65.3 percent in February.
Comments
Comments are closed.